Hartmann's revenue and operating profit increased in 9M 2010. The period was positively affected by developments in exchange rates, increased volumes, an improved product and price mix and a number of operational improvements. Increasing paper prices and additional costs, however, had an adverse impact on performance. In Q4 2010, Hartmann has resolved to adjust its organisation in order to further improve its competitive strength and earnings capacity, and as a consequence of the costs incurred in this connection, Hartmann has resolved to downgrade its EBIT margin forecast for 2010. Michael Rohde Pedersen, CEO, on the group's performance in 9M 2010: Hartmann experienced a positive development in revenue and operating profit in the first three quarters of 2010. We succeeded in selling more egg packaging products compared to the same period last year, and at the same time profitability per product increased. This was primarily due to a number of operational improvements and cost reductions. This development has continued in Q4 where we have resolved to adjust the organisation in order to further improve Hartmann's competitive strength and earnings capacity. On the outlook for 2010: Market trends and Hartmann's business development were in line with expectations in Q3 2010. The organizational adjustment in Q4 is expected to lead to costs in the region of DKK 20 million in 2010, and the operating profit forecast for 2010 is thus downgraded to approximately DKK 70-85 million from the previous forecast of DKK 90-105 million. Highlights Hartmann reported revenue for Q3 2010 of DKK 338 million (2009: DKK 325 million) and an operating profit* of DKK 21 million (2009: DKK 16 million). Revenue for 9M 2010 amounted to DKK 1,044 million (2009: DKK 1,000 million), operating profit was DKK 51 million (2009: DKK 40 million), and the EBIT margin* stood at 4.9%. In Q4 2010, Hartman has resolved to adjust its organisation in order to further improve its competitive strength and earnings capacity. The costs incurred in this connection will amount to approximately DKK 20 million in the current financial year. As a consequence of the decision to adjust the organisation and simplify the organisational and management structure, Søren Tolstrup, COO, will resign. As previously announced, Magali Depras, CCO, will also resign. Both will leave Hartmann no later than year end 2010, and the Executive Board will subsequently consist of Michael Rohde Pedersen, CEO, and Claus Frees Sørensen, CFO. The development in 9M 2010 was driven by stable demand for egg packaging and successful marketing efforts combined with improvements in production efficiency and higher earnings per product. However, Hartmann was adversely affected by additional costs and a lower level of activity in Other business areas. The business area Europe reported revenue for Q3 2010 of DKK 275 million (2009: DKK 275 million) and an operating profit of DKK 31 million (2009: DKK 26 million). Revenue for 9M 2010 was DKK 836 million (2009: DKK 830 million) and operating profit DKK 87 million (2009: DKK 70 million). The North American business reported revenue for Q3 2010 of DKK 54 million (2009: DKK 39 million) and an operating profit of DKK 3 million (2009: an operating loss of DKK 3 million). Revenue for 9M 2010 came to DKK 161 million (2009: DKK 121 million), and the 9M operating profit amounted to DKK 8 million (2009: an operating loss of DKK 6 million). Other business areas reported revenue for Q3 2010 of DKK 10 million (2009: DKK 11 million) and an operating loss of DKK 15 million (2009: an operating loss of DKK 9 million). The business area reported 9M revenue of DKK 47 million (2009: DKK 49 million) and an operating loss of DKK 48 million (2009: an operating loss of DKK 29 million). As a consequence of the organisational adjustment in Q4 2010, Hartmann has resolved to downgrade its operating profit forecast for 2010 to approximately DKK 70-85 million from the previous forecast of approximately DKK 90-105 million (actual 2009: DKK 79 million). The expected operating profit corresponds to an EBIT margin of approximately 5-6%, against the previous forecast of approximately 7% (actual 2009: 5.7%). Best regards Brødrene Hartmann A/S Michael Rohde Pedersen CEO Tel: +45 45 97 00 00 [HUG#1465068]